Kodak files for bankruptcy

Claire Bramel

Kodak announced it’s running out of moments.

Thursday morning, the company filed for bankruptcy protection after 131 years of business, the New York Times reports.

With digital photography dominating the market, Kodak has struggled for the past few decades to keep up financially with its competition – including Japanese film giant Fujifilm, which undercut Kodak’s prices.

The company has only reported one year of profits since 2004 and currently possesses $5.1 billion in assets and $6.8 billion in debt.

Earlier this month, Kodak split up business into consumer and commercial areas and analysts believe that this may help in the company’s sale.